Expedia gets clearance for spinoff

The shareholders of IAC/InterActiveCorp have approved the spinoff of Expedia Inc. and its other travel-related businesses, the Web conglomerate said Tuesday.

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After the transaction, slated to close the week of Aug. 8, IAC will have no ownership interest in Expedia. IAC will continue to operate under that name and focus on its Web properties including Match.com, Citysearch, LendingTree and the soon-to-be acquired Web search company Ask Jeeves Inc.

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IAC said that on the first trading day after the spin-off is completed, regular-way Nasdaq trading will start for Expedia under the symbol “EXPE” and will continue for IAC under the symbol “IACI.”

Furthermore, IAC said the holders of over 99 percent of IAC’s outstanding shares of Series A convertible preferred stock have elected to receive $50 in cash per share plus accrued and unpaid dividends in return for their shares. This amount will be paid upon completion of the spin-off, IAC said.